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Sherwin-Williams' proposed acquisition of Mexico-based Consorcio Comex, originally announced Nov. 12, 2012, has been denied by the Federal Competition Commission of Mexico (FCCM), the company said today.

Three of the five FCCM commissioners voted against the deal. Sherwin-Williams is currently reviewing the decision and will "respond to the Commission's concerns in the near future," according to the release.

Sherwin-Williams Chairman and CEO Christopher Connor commented on the ruling, saying, "We are disappointed by this decision, but remain hopeful that we can adequately address the Commission's objections and proceed with the transaction."